According to The Block data, despite the recent market downturn, the number of new addresses on the Bitcoin network has reached its highest level in two months, with the 7-day moving average (7DMA) recording over 317,000 new addresses on July 5, compared to 263,000 at the beginning of last week, marking a significant 20% increase in the week-on-week ratio. At the same time, the seven-day moving average of Bitcoin's average transaction fee fell to a low of $1.75. Analysts say the discrepancy highlights an interesting dynamic within the Bitcoin network, namely that while new participants are joining, it does not necessarily mean higher transaction fees or increased on-chain activity for now.